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| UTI AM to launch mobile transaction platform |
| BS Reporter / Kolkata Dec 31, 2009, 00:56 IST |
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UTI Asset Management is betting on technology to attract retail customers.
It is planning to launch a mobile transaction platform, which will enable buying and selling of mutual fund units over the phone, by January 2010.
This will be the first of its kind initiative by any mutual fund house, according to Jaideep Bhattacharya, chief marketing officer of UTI AMC.
“Going forward there will be huge investment opportunities through mobile phone. We are also thinking of launching a mobile transaction platform, through which a person will be able to do transactions by mobile phone. The system will be based on a wireless technology,” he said.
In this regard, UTI will shortly sign an agreement with a service provider, he added.
Recently, UTI AMC, the oldest mutual fund house in the country, has also entered into a pact with Videocon d2h, the Direct-to-Home arm of Videocon Group, to provide financial advise to viewers.
This apart, UTI is planning to add nine branches by March to have a total branch network of 140, he said.
“Since the industry margins have come down, we are now looking at strengthening our distribution network in order to mop up volumes of business,” he said.
UTI MF would formally sign agreement with its strategic partner T Rowe Price, for the offloading of 26 per cent stake in the company in January, said Bhattacharya.
“The bigger mutual fund houses will get bigger in 2010, and consolidation is expected in the industry,” Bhattacharya said.
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